16 June 2013
I Confused to make adjustment for Advance tax provision for advance tax & tds... I m Giving details i saw in b/s of one firm all i don't remember all details of b/s but, it similar to below mentioned .....kindly tell me how i should make accounting entries for it details are :
IN firm s book for the F.Y. 09-10 3200,2006-07 6400, 2008-09 6500( all the years i don't remember )provision for tax have been made & advance tax for year 2010-11 1000,year 2012-13 30000, 2008-09 5000 TDs is showing bal of 1236 for year 2008-09, tax liability for year 2012-2013 is 29444 plzzz tell me how make adj entries in books of the firm & b/s ..?for fy 2012 -2013? plzz tell everything in details information is like this only
17 June 2013
Provision for Taxation Dr 7236 To Advace TAx 6000 To TDS 1236 (Adjustment of earlier years' advance tax and TDS,this should be done only if assessment is complete) Balance in Provision for taxation after the above adjustment is Rs 8864/- Additional provision for 2012-13 Income Tax DR 29444 To Provision for Taxation 20580 To PL 8864
CAclubindia
